Crude Oil Flow Improvers Market by Type & Application Sep 2016 | Page 2
Crude Oil Flow Improvers Market : Global Forecasts to 2021 “ Rise in crude oil production worldwide drives the COFI market ”
The global market size of COFI is estimated to reach USD 1.73 billion by 2021from 1.32 billion in 2016 , at a CAGR of 5.5 %. Excessive supply of oil worldwide , has pushed down oil prices . Countries such as the U . S . have made considerable investments in unconventional drilling technologies , such as hydraulic fracturing ( fracking ). Hence , the U . S . cannot afford to cut down production so as to reduce dependency on shale oil import and subsequently reducing the price of the end product .
“ Paraffin inhibitors : The fastest-growing segment in the COFI market ”
Paraffin inhibitor is the fastest-growing segment of the global COFI market . This high growth is attributed to its use during crude oil production and transportation . It helps in eliminating the effects caused due to deposition of wax during crude oil production and transportation . As the production of heavy and waxy crude oil from Venezuela and Russia and shale crude in the U . S . continues to rise , the demand for paraffin inhibitors is expected to increase .